ACCT-2043 Spring 2020 iib The following two questions are independent of each other. Question A (6 marks) On January 15, 2020, Western Corporation exchanged an old truck with a fair value of $22,000 for a van with a retail value of $50,000. The truck originally cost $44,000 and has accumulated depreciation of $20,000 to the date of exchange. A trade-in allowance of $23,000 was given for the truck, and the remainder was paid in cash. REQUIRED: Prepare the journal entry to record the exchange on January 15, 2020 Question B (4 marks) Westwing Company purchased machinery for $210,000 which had an estimated useful life of 8 years with an expected residual value of $16,000. At December 31, 2019, the machinery is fully depreciated REQUIRED: Prepare the journal entry on December 31, 2019 to record the disposal of the machinery that sold for $9.000